Know These Before Buying an Old Apartment
May 24, 2019 Real Estate News
Looking for the right property that suits your need and requirement is a tricky thing. There are times when the buyer will have to end up buying an old apartment. Even though it may be a decade old apartment, it can pose many challenges for the buyer. The property can be in good shape and well maintained, but that shouldn’t be the reason that a home buyer does not perform a proper background check on the property nor does legal and technical checks.
We discuss everything that a buyer must do before buying an old apartment:
We discuss everything that a buyer must do before buying an old apartment:
- Check all the documents properly including the title of the property. Ask the owner to produce the original texts of sales deed, agreement, NOC from society, builder- buyer agreement and the encumbrance certificate. Ask for the documents that establish the ownership of the property.
- Check that all the dues are paid by the seller consistently including the property tax, EMI for the property, electricity and water bill.
- If the apartment was mortgaged to the bank, make sure you know you have the NOC from the bank. If the seller is still servicing the home loan, make sure you understand the details about it and the outstanding loan amount.
- Pay for what the property costs. Make sure you check with the municipal corporation and check for the price of the property. If the seller is charging you a lot higher than the market rate, ask them for a reason.
- Banks provide the home loan for old properties with certain conditions. A lender often factors the age of construction, depreciating value, documentation. The banks are not willing to give out more amount as a home loan than mentioned in the sales deed. Hence, the buyer will have to arrange the funds by themselves.
- Make sure you check with the society and are aware of the charges that you will have to pay for individual facilities.
- Buying a property in an old building is a challenge. It is better to make sure you the apartment on upper floors rather than lower floors. The top floor has better ventilation and lighting, and the chances of leakage and dampness are minimum.
- When buying an old property, make sure you are aware of the structural damages and the repair work that is needed. If you are planning on running an electrical appliance that runs on high wattage, make sure you get the electrical wiring checked.
- All the repairing cost and additional cost of maintenance must be factored when paying for the property.
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